St. Ann’s House in Manchester was acquired by Schroder Real Estate Investment for a hefty cost

Manchester: St. Ann’s House located within Manchester was acquired by the Schroder Real Estate Investment Trust for £14.7 million, reported a news source.

The deal for the mixed-use office and retail asset reflects an initial yield of 7.8% and a low average capital value of £283 per sq ft while generating £1.22m per annum of headline rent. The manager of the fund, Nick Montgomery, said that the acquisition neatly aligns with, their strategy that targets income-producing assets with good fundamentals. These assets have the potential to increase their value through asset management initiatives while focusing on improving sustainability credentials.

The 518,885 sq ft building is 96% occupied and located on St Ann’s Square near the retail core of Manchester City Center.

The building, spanning over 51,885 sq ft is currently 96% occupied. It has the potential of offering 402,777 sq ft of office space as well as five floors. Five retail units are currently let to watches of Switzerland Limited, trading as Tag Heuer, Russel & Bromley, health and beauty brand space NK with two units currently available.